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What is an APR?
#1
What is APR and how does apply to people looking for a loan? Huh Huh Huh Huh
 
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#2
(09-19-2014, 02:39 AM)Jessie483 Wrote: What is APR and how does apply to people looking for a loan?  Huh  Huh  Huh  Huh

Jessie, APR is The Annual Percentage Rate - it was created by the government to reflect all closing costs of a loan in terms of a percentage rate so that the public can shop for a loan and compare where they are getting the best deal. The annual percentage rate is not an accurate figure when it comes to mortgage loans. Please go to the search box on this website and type in What is APR? and you will see a recent blog that I wrote explaining the mechanics of APR., was created by the government to reflect all closing costs of a loan in terms of a percentage rate so that the public can shop for a loan and compare where they are getting the best deal. The annual percentage rate is not an accurate figure when it comes to mortgage loans. Please go to the search box on this website and type in What is APR? and you will see a recent blog that I wrote explaining the mechanics of APR.
 
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#3
APR, annual percentage rate, can be manipulated because a mortgage loan borrower does not know the exact closing costs until the mortgage loan approval process is towards the later stages. Mortgage loan originators are required to give a good faith estimate initially but the good faith estimate is inflated.

 
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#4
(09-19-2014, 02:41 AM)admin Wrote:
(09-19-2014, 02:39 AM)Jessie483 Wrote: What is APR and how does apply to people looking for a loan?  Huh  Huh  Huh  Huh

Jessie, APR is The Annual Percentage Rate - it was created by the government to reflect all closing costs of a loan in terms of a percentage rate so that the public can shop for a loan and compare where they are getting the best deal. The annual percentage rate is not an accurate figure when it comes to mortgage loans. Please go to the search box on this website and type in What is APR? and you will see a recent blog that I wrote explaining the mechanics of APR., was created by the government to reflect all closing costs of a loan in terms of a percentage rate so that the public can shop for a loan and compare where they are getting the best deal. The annual percentage rate is not an accurate figure when it comes to mortgage loans. Please go to the search box on this website and type in What is APR? and you will see a recent blog that I wrote explaining the mechanics of APR.

That is the perfect explanation the Admin relayed of what the APR is.

Here is the blog on what an APR is

http://gustancho.com/apr-annual-percenta...rest-rate/

 
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